Gold Digger: Commbank says gold could hit US$3750/oz even after mid-week stumble

Gold could hit US$3750/oz, Commbank says, even after a thawing of trade tensions between the US and China saw prices drop mid-week.

It's been a rough and tumble week for gold. Pic: Getty Images

• Gold prices suffered a blip after clearing US$3500/oz on Tuesday

• As volatility strikes bullion, analysts still see tailwinds for the precious metal

• Commbank's Vivek Dhar says the commodity could rise to US$3750/oz

Gold's temporary fall from grace on Wednesday brought a hint of cold, harsh reality to bear for gold bulls, a reminder that prices do not go up inexorably (as lithium companies learnt with blunt force two years ago.)

But Wednesday's carnage, which saw gold tumble from giddy levels of over US$3500/oz to under US$3300/oz and clamoured the ASX All Ords gold sub-index to a 9% single day loss, may be just a blip for the precious metal.

The pullback shows arguably just how much of gold's strong price run is tied up in the unconventional, market chilling, vertigo-inducing economic policies of the Trump Administration.

Any move from Donald Trump to normalise his behaviour, like his suggestion we would play nice in negotiations with China and reverse tariffs make to more realistic levels after each Government raised them to the point of MAD (mutually assured destruction).

He also climbed down from what seemed like an apparent attempt to limit the independence, or even seek the firing, of US Fed Reserve chair Jerome Powell.

But tariffs of a high magnitude will likely remain – the current 145% rate will be trimmed but it "won't be zero".

And anyone who thinks the trading environment will get more predictable could be in for a shock.

Against that backdrop, gold is retaining its position as 2025's top safe haven asset.

Dollar sold

That's come as the US Government has moved, seemingly with some measure of intent, to reduce the value of the US dollar in a bid to make its exports more palatable and revive domestic manufacturing.

The selloff in the USD – the USD index hit a three year low this week – and associated Treasury bonds has seen gold step into the void, Commbank mining expert Vivek Dhar says.

"What makes this recent flight to safe‑haven demand so unique is that the US dollar and Treasuries have been sold‑off as safe‑haven appeal of these US assets has declined," he said in a note.

"This decline in safe‑haven appeal has been tied to the seismic shift in US trade policy under President Trump, and more recently, the growing tensions between the US Federal Reserve chair Jerome Powell and President Trump.

"Gold has stepped into the void as the market’s safe‑haven asset of choice – helping explain the rapid rise in gold futures so far this year."

Investors have responded, targeting different parts of the gold market over the first four months of the year.

Gold ETF interest rose strongly in Australia in January, according to asset management giant VanEck, one of the largest investors in ASX equities.

Flows into its Gold ETF saw a massive bump in the month of January, while flows into its gold miners fund turned strongly positive in April, as the benefits of higher gold prices trickled down to producers.

Arian Neiron, the MD and CEO of VanEck Asia Pacific, said the GDX Gold Miners ETF had seen $193m of value traded in the first quarter.

At that rate the fund would see $772m of traded value across 2025, up from $532m in 2024 and $389m in 2023.

Where prices are headed

Commercial banks are typically conservative when it comes to forecasting but Commbank's Dhar is following the gold price higher, projecting that gold could rise to US$3750/oz by year-end.

"Even though gold prices and central bank gold purchases have shown virtually no correlation in the last two years to the end of 2024, the anticipation of more central bank buying, combined with extraordinary safe‑haven demand, may see gold rise to $US3750/oz by year‑end," he said.

"The risk that gold rises above our forecast can’t be ruled out either but our expectation for price growth to slow relative to what we’ve seen so far this year is tied to the risk that Trump continues to walk back current trade policy and that gold has already priced in significant uncertainty."

Dhar is less convinced than other commentators that 'de-dollarisation', a move away from the USD as the global reserve currency, can practically be achieved.

"Gold has also been floated a potential option, especially given the increase in central bank buying since the beginning of 2022. Central bank buying of gold surged after the US led its allies to freeze Russia’s currency reserves in response to the Ukraine war," he said.

"Countries realised that gold was a potential hedge against the US freezing currency reserves for non‑alignment with US policy. Given worries of non‑alignment with the US have only increased under President Trump, the prospect of more central bank buying is high.

"It is unlikely though that the US dollar is at any threat of replacement by gold given the costs to transport, warehouse and secure gold and the lack of returns generated by holding gold."

While that may be true, gold has overtaken other fiat currencies like the Pound, Yen and Euro in value terms in global reserve bank holdings.

Winners & Losers

Here’s how ASX-listed precious metals stocks are performing:

CODE	COMPANY	PRICE	WEEK %	MONTH %	6 MONTH %	YEAR %	YTD %	MARKET CAP
MRR	Minrex Resources Ltd	0.008	0%	0%	-6%	-33%	14%	$ 7,594,072.52
NPM	Newpeak Metals	0.01	-9%	-29%	-23%	-30%	-9%	$ 3,542,789.04
ASO	Aston Minerals Ltd	0.019	6%	-10%	90%	58%	111%	$ 23,311,156.84
MTC	Metalstech Ltd	0.11	0%	0%	-21%	-33%	-21%	$ 22,717,040.55
GED	Golden Deeps	0.018	6%	-14%	-40%	-53%	-28%	$ 3,365,388.32
G88	Golden Mile Res Ltd	0.01	11%	0%	-33%	-17%	11%	$ 5,442,478.55
LAT	Latitude 66 Limited	0.054	-2%	-17%	-53%	-73%	42%	$ 7,456,836.66
NMR	Native Mineral Res	0.16	33%	108%	371%	596%	310%	$ 128,134,288.50
AQX	Alice Queen Ltd	0.005	-17%	-23%	-38%	-17%	-38%	$ 6,881,340.41
SLZ	Sultan Resources Ltd	0.008	0%	7%	-33%	-27%	33%	$ 1,851,759.28
KSN	Kingston Resources	0.098	9%	20%	2%	38%	38%	$ 75,619,851.08
AMI	Aurelia Metals Ltd	0.3	11%	22%	58%	54%	76%	$ 490,846,065.60
GIB	Gibb River Diamonds	0.038	15%	-10%	-7%	36%	-5%	$ 8,151,358.91
KCN	Kingsgate Consolid.	1.61	-1%	9%	0%	6%	25%	$ 412,402,707.20
TMX	Terrain Minerals	0.003	0%	-33%	-14%	-25%	0%	$ 6,010,669.80
BNR	Bulletin Res Ltd	0.064	2%	52%	49%	31%	64%	$ 18,204,026.03
NXM	Nexus Minerals Ltd	0.078	1%	7%	24%	20%	73%	$ 38,555,580.83
SKY	SKY Metals Ltd	0.044	-10%	-10%	-24%	26%	-19%	$ 32,692,345.64
LM8	Lunnonmetalslimited	0.23	-8%	0%	-23%	-22%	-8%	$ 52,950,761.76
CST	Castile Resources	0.077	1%	-1%	-11%	-19%	-4%	$ 22,625,394.92
YRL	Yandal Resources	0.13	0%	-13%	-50%	-13%	-26%	$ 40,200,547.66
FAU	First Au Ltd	0.0025	0%	25%	150%	25%	25%	$ 5,179,983.19
ARL	Ardea Resources Ltd	0.4225	-4%	1%	2%	-50%	28%	$ 85,863,653.45
GWR	GWR Group Ltd	0.091	1%	-1%	3%	-21%	14%	$ 28,153,778.99
IVR	Investigator Res Ltd	0.026	13%	18%	-51%	-50%	30%	$ 38,133,109.78
GTR	Gti Energy Ltd	0.003	0%	0%	-40%	-54%	-14%	$ 8,996,848.99
IPT	Impact Minerals	0.006	20%	0%	-51%	-70%	-36%	$ 22,215,979.58
BNZ	Benzmining	0.41	-2%	5%	86%	156%	19%	$ 50,593,258.56
MOH	Moho Resources	0.003	0%	-25%	-50%	-45%	-40%	$ 2,192,623.72
BCM	Brazilian Critical	0.009	-10%	13%	0%	-63%	0%	$ 10,629,585.88
PUA	Peak Minerals Ltd	0.009	-10%	0%	55%	273%	16%	$ 28,073,212.90
MRZ	Mont Royal Resources	0.041	0%	0%	-29%	-32%	-5%	$ 3,486,221.51
SMS	Starmineralslimited	0.029	12%	7%	-45%	-24%	-19%	$ 4,554,199.59
MVL	Marvel Gold Limited	0.015	7%	36%	36%	67%	67%	$ 16,196,075.69
PRX	Prodigy Gold NL	0.002	0%	0%	-20%	-10%	0%	$ 6,350,111.10
AAU	Antilles Gold Ltd	0.004	0%	-11%	0%	-78%	33%	$ 8,505,470.73
CWX	Carawine Resources	0.094	4%	-5%	-3%	-10%	-6%	$ 22,195,792.21
RND	Rand Mining Ltd	1.88	-1%	14%	-10%	21%	24%	$ 106,926,806.68
CAZ	Cazaly Resources	0.014	0%	-7%	-7%	-18%	0%	$ 6,458,241.87
BMR	Ballymore Resources	0.115	5%	-15%	-15%	-8%	-4%	$ 18,556,711.43
DRE	Dreadnought Resources Ltd	0.014	-7%	-7%	-13%	-15%	17%	$ 62,577,233.33
ZNC	Zenith Minerals Ltd	0.05	0%	-2%	11%	-47%	25%	$ 19,964,629.68
REZ	Resourc & En Grp Ltd	0.028	12%	27%	-3%	115%	22%	$ 16,119,338.93
LEX	Lefroy Exploration	0.077	3%	-14%	-6%	-36%	10%	$ 19,873,611.04
ERM	Emmerson Resources	0.15	3%	7%	226%	226%	95%	$ 88,986,643.06
AM7	Arcadia Minerals	0.018	6%	-10%	-54%	-76%	-5%	$ 2,112,901.79
ADT	Adriatic Metals	4.255	0%	-5%	1%	-5%	9%	$ 1,340,500,132.44
AS1	Asara Resources Ltd	0.05	-9%	43%	117%	456%	163%	$ 53,957,714.55
CYL	Catalyst Metals	6.57	-2%	43%	86%	664%	155%	$ 1,429,402,053.64
CHN	Chalice Mining Ltd	1.0925	5%	-21%	-43%	-15%	-1%	$ 406,532,993.46
KAL	Kalgoorliegoldmining	0.045	-13%	-28%	100%	29%	150%	$ 19,010,781.95
MLS	Metals Australia	0.021	5%	11%	-5%	-5%	-9%	$ 15,303,110.00
ADN	Andromeda Metals Ltd	0.0095	-5%	19%	36%	-50%	36%	$ 34,287,276.89
MEI	Meteoric Resources	0.0975	-11%	37%	-7%	-55%	15%	$ 231,349,415.42
SRN	Surefire Rescs NL	0.004	60%	33%	-33%	-62%	14%	$ 7,248,923.44
WA8	Warriedarresourltd	0.079	10%	34%	32%	80%	80%	$ 68,895,504.65
HMX	Hammer Metals Ltd	0.024	14%	-23%	-45%	-45%	-27%	$ 18,642,932.70
WCN	White Cliff Min Ltd	0.0205	8%	21%	-7%	46%	28%	$ 37,909,414.96
AVM	Advance Metals Ltd	0.057	63%	24%	111%	147%	68%	$ 11,343,846.20
ASR	Asra Minerals Ltd	0.002	-33%	-50%	-60%	-71%	-33%	$ 7,119,380.49
ARI	Arika Resources	0.026	-13%	18%	-21%	30%	-4%	$ 18,371,750.50
CTO	Citigold Corp Ltd	0.004	0%	0%	0%	0%	0%	$ 12,000,000.00
SMI	Santana Minerals Ltd	0.5625	8%	0%	-19%	33%	16%	$ 397,495,271.25
M2R	Miramar	0.004	33%	33%	-43%	-61%	33%	$ 3,987,293.14
MHC	Manhattan Corp Ltd	0.017	-6%	-6%	-58%	-49%	-11%	$ 3,993,281.27
GRL	Godolphin Resources	0.009	-10%	-31%	-47%	-74%	-38%	$ 4,039,859.81
SVG	Savannah Goldfields	0.022	38%	57%	20%	-16%	20%	$ 17,394,207.44
EMC	Everest Metals Corp	0.15	3%	-6%	11%	58%	11%	$ 33,567,575.40
GUL	Gullewa Limited	0.085	-3%	55%	31%	52%	52%	$ 18,531,884.62
CY5	Cygnus Metals Ltd	0.092	6%	-16%	-37%	7%	-8%	$ 80,705,508.75
G50	G50Corp Ltd	0.11	10%	-24%	-35%	-42%	-29%	$ 17,665,742.49
ADV	Ardiden Ltd	0.14	-3%	4%	8%	-13%	4%	$ 9,065,038.37
AAR	Astral Resources NL	0.165	-3%	6%	18%	132%	22%	$ 230,739,254.13
VMC	Venus Metals Cor Ltd	0.105	-5%	-5%	52%	13%	57%	$ 21,574,155.13
NAE	New Age Exploration	0.004	0%	-11%	-33%	0%	14%	$ 10,637,595.64
VKA	Viking Mines Ltd	0.008	0%	0%	-20%	-27%	0%	$ 9,297,031.24
LCL	LCL Resources Ltd	0.007	0%	0%	-30%	-39%	-30%	$ 8,363,688.95
MTH	Mithril Silver Gold	0.34	-3%	-13%	-40%	70%	-15%	$ 48,830,779.87
ADG	Adelong Gold Limited	0.006	20%	20%	33%	71%	33%	$ 8,384,917.19
RMX	Red Mount Min Ltd	0.008	14%	-6%	-11%	-47%	-11%	$ 3,719,662.37
PRS	Prospech Limited	0.027	13%	17%	-10%	-31%	-7%	$ 8,878,298.95
TTM	Titan Minerals	0.4	0%	-6%	-27%	25%	5%	$ 105,585,810.93
AKA	Aureka Limited	0.14	8%	-10%	-99%	-99%	4%	$ 14,853,059.92
AAM	Aumegametals	0.039	-3%	-13%	-29%	-50%	-7%	$ 25,372,747.76
KZR	Kalamazoo Resources	0.084	4%	-7%	-9%	-12%	14%	$ 17,379,661.91
BCN	Beacon Minerals	0.0275	2%	6%	15%	-8%	25%	$ 114,112,676.93
MAU	Magnetic Resources	1.485	-2%	-2%	19%	38%	34%	$ 402,922,334.33
BC8	Black Cat Syndicate	0.985	-4%	17%	56%	272%	74%	$ 669,051,251.26
EM2	Eagle Mountain	0.006	20%	20%	-85%	-88%	-33%	$ 6,810,223.73
EMR	Emerald Res NL	4.07	-4%	2%	-7%	20%	25%	$ 2,570,208,854.38
BYH	Bryah Resources Ltd	0.005	25%	25%	0%	-44%	67%	$ 4,349,767.61
HCH	Hot Chili Ltd	0.475	2%	-28%	-43%	-60%	-32%	$ 72,766,151.52
WAF	West African Res Ltd	2.435	1%	8%	45%	89%	70%	$ 2,621,554,379.60
MEU	Marmota Limited	0.039	5%	-13%	-3%	-5%	0%	$ 45,953,925.81
NVA	Nova Minerals Ltd	0.34	1%	1%	48%	13%	-8%	$ 101,744,186.36
SVL	Silver Mines Limited	0.1025	6%	8%	-27%	-41%	31%	$ 167,298,886.85
PGD	Peregrine Gold	0.16	-9%	7%	-6%	-27%	14%	$ 14,424,115.97
ICL	Iceni Gold	0.066	10%	-19%	40%	154%	-7%	$ 20,320,441.61
FG1	Flynngold	0.022	0%	-4%	-24%	-49%	-12%	$ 7,066,867.94
WWI	West Wits Mining Ltd	0.019	0%	0%	6%	12%	36%	$ 47,252,101.01
RML	Resolution Minerals	0.008	0%	-11%	-50%	-67%	-33%	$ 4,206,294.84
AAJ	Aruma Resources Ltd	0.01	5%	-29%	-38%	-41%	-17%	$ 1,998,523.55
HWK	Hawk Resources.	0.019	0%	-17%	-37%	-57%	-14%	$ 5,147,659.53
GMN	Gold Mountain Ltd	0.002	0%	0%	0%	-50%	-33%	$ 7,193,969.91
MEG	Megado Minerals Ltd	0.011	0%	-27%	-28%	15%	-35%	$ 4,616,515.88
HMG	Hamelingoldlimited	0.09	15%	15%	8%	22%	41%	$ 17,718,750.00
BM8	Battery Age Minerals	0.06	18%	-2%	-43%	-40%	-43%	$ 6,909,589.13
TBR	Tribune Res Ltd	5.11	-2%	7%	7%	13%	19%	$ 262,340,385.00
FML	Focus Minerals Ltd	0.23	-6%	10%	31%	15%	35%	$ 65,908,488.35
VRC	Volt Resources Ltd	0.004	0%	0%	0%	-33%	33%	$ 18,739,111.93
ARV	Artemis Resources	0.0095	19%	36%	-37%	-47%	19%	$ 24,021,028.43
HRN	Horizon Gold Ltd	0.45	0%	1%	13%	61%	-6%	$ 65,177,965.35
CLA	Celsius Resource Ltd	0.0065	-7%	-7%	-41%	-35%	-41%	$ 20,352,998.40
QML	Qmines Limited	0.043	-4%	-5%	-41%	-34%	-20%	$ 17,585,018.33
RDN	Raiden Resources Ltd	0.005	0%	-17%	-83%	-85%	-55%	$ 17,254,457.21
TCG	Turaco Gold Limited	0.44	2%	24%	26%	159%	73%	$ 365,464,491.71
KCC	Kincora Copper	0.037	16%	48%	-10%	-5%	37%	$ 8,903,101.93
GBZ	GBM Rsources Ltd	0.009	29%	13%	0%	-25%	13%	$ 10,539,629.80
DTM	Dart Mining NL	0.004	0%	-20%	-69%	-86%	-56%	$ 2,751,055.66
MKR	Manuka Resources.	0.035	17%	9%	-34%	-56%	25%	$ 28,376,868.42
AUC	Ausgold Limited	0.52	-5%	-2%	-12%	73%	24%	$ 185,613,030.20
ANX	Anax Metals Ltd	0.006	0%	-33%	-54%	-75%	-50%	$ 5,296,845.40
EMU	EMU NL	0.022	5%	-24%	-15%	-20%	-19%	$ 4,259,231.00
SFM	Santa Fe Minerals	0.037	-3%	-10%	23%	-21%	19%	$ 2,694,295.19
PNR	Pantoro Gold Limited	3.05	11%	12%	44%	111%	99%	$ 1,109,381,295.75
CMM	Capricorn Metals	9.16	-8%	13%	39%	86%	46%	$ 3,882,485,323.71
VRL	Verity Resources	0.013	8%	-11%	-56%	-78%	-33%	$ 2,396,427.29
HAW	Hawthorn Resources	0.048	9%	4%	-17%	-30%	17%	$ 16,080,749.42
BGD	Bartongoldholdings	0.47	7%	49%	65%	81%	92%	$ 94,137,611.11
SVY	Stavely Minerals Ltd	0.013	-13%	-28%	-59%	-57%	-24%	$ 8,160,631.40
AGC	AGC Ltd	0.14	-3%	-28%	-22%	79%	-10%	$ 35,923,611.08
RGL	Riversgold	0.004	-11%	0%	14%	-43%	0%	$ 8,418,562.97
TSO	Tesoro Gold Ltd	0.031	11%	-6%	-6%	-14%	55%	$ 49,709,249.31
GUE	Global Uranium	0.056	0%	-20%	-26%	-38%	-7%	$ 24,264,664.99
CPM	Coopermetalslimited	0.04	0%	5%	-15%	-65%	-13%	$ 2,977,514.70
MM8	Medallion Metals.	0.24	-6%	26%	153%	293%	100%	$ 112,508,757.45
FFM	Firefly Metals Ltd	0.8125	0%	-22%	-23%	11%	-12%	$ 453,811,770.41
CBY	Canterbury Resources	0.021	-5%	-13%	-32%	-22%	-5%	$ 4,146,258.82
SLA	Solara Minerals	0.115	-8%	0%	-56%	-56%	28%	$ 6,668,254.65
SFR	Sandfire Resources	10.03	8%	-13%	-6%	10%	8%	$ 4,536,594,358.77
TAM	Tanami Gold NL	0.036	9%	29%	0%	-14%	20%	$ 43,478,590.70
NWM	Norwest Minerals	0.012	-14%	20%	-43%	-75%	-14%	$ 6,306,553.63
ALK	Alkane Resources Ltd	0.75	-3%	21%	26%	17%	47%	$ 445,073,290.62
BMO	Bastion Minerals	0.003	0%	-14%	-57%	-57%	-25%	$ 2,534,173.99
IDA	Indiana Resources	0.078	-3%	1%	44%	77%	28%	$ 48,847,666.81
GSM	Golden State Mining	0.009	13%	-10%	-14%	-10%	13%	$ 2,514,335.67
NSM	Northstaw	0.041	11%	-15%	173%	25%	156%	$ 10,947,060.00
GSN	Great Southern	0.021	0%	-9%	45%	5%	40%	$ 21,929,694.38
VAU	Vault Minerals Ltd	0.4425	-6%	-5%	13%	4%	34%	$ 2,993,088,288.08
DEG	De Grey Mining	2.46	-6%	17%	68%	94%	39%	$ 5,899,266,595.92
THR	Thor Energy PLC	0.011	10%	-8%	-27%	-45%	-15%	$ 7,818,688.19
CDR	Codrus Minerals Ltd	0.02	25%	25%	-5%	-49%	18%	$ 3,803,912.59
MDI	Middle Island Res	0.019	12%	12%	0%	0%	58%	$ 5,235,177.07
WTM	Waratah Minerals Ltd	0.1875	17%	7%	-46%	79%	21%	$ 36,549,749.88
POL	Polymetals Resources	0.95	14%	17%	68%	233%	19%	$ 227,893,264.46
RDS	Redstone Resources	0.006	71%	71%	71%	50%	140%	$ 5,552,270.76
NAG	Nagambie Resources	0.023	5%	53%	35%	64%	28%	$ 17,672,651.57
BGL	Bellevue Gold Ltd	0.9075	-6%	-32%	-44%	-48%	-19%	$ 1,262,258,821.49
GBR	Greatbould Resources	0.081	-10%	14%	53%	27%	88%	$ 58,545,287.49
KAI	Kairos Minerals Ltd	0.021	8%	0%	17%	75%	75%	$ 52,618,243.78
KAU	Kaiser Reef	0.175	-3%	3%	-20%	21%	9%	$ 60,266,192.00
HRZ	Horizon	0.061	-5%	-8%	-3%	69%	53%	$ 130,555,954.73
CDT	Castle Minerals	0.058	5%	-3%	-36%	-68%	-3%	$ 6,380,526.35
RSG	Resolute Mining	0.4725	6%	6%	-46%	13%	20%	$ 979,363,005.98
MXR	Maximus Resources	0	-100%	-100%	-100%	-100%	-100%	$ 33,424,752.21
EVN	Evolution Mining Ltd	7.99	-4%	16%	49%	102%	66%	$ 15,818,790,276.40
CXU	Cauldron Energy Ltd	0.008	0%	-20%	-47%	-80%	-33%	$ 11,691,236.87
DLI	Delta Lithium	0.17	6%	3%	-28%	-43%	0%	$ 114,646,686.72
ALY	Alchemy Resource Ltd	0.006	20%	-14%	-33%	-14%	-14%	$ 7,068,457.54
NH3	Nh3Cleanenergyltd	0.025	-4%	4%	14%	32%	39%	$ 12,985,910.06
OBM	Ora Banda Mining Ltd	1.065	-8%	2%	20%	255%	64%	$ 1,902,219,487.31
AVW	Avira Resources Ltd	0.008	33%	0%	-60%	-60%	-60%	$ 1,464,901.83
LCY	Legacy Iron Ore	0.009	-10%	-10%	-28%	-42%	-10%	$ 78,096,340.67
PDI	Predictive Disc Ltd	0.3675	-3%	-8%	34%	71%	60%	$ 940,600,155.96
MAT	Matsa Resources	0.064	7%	10%	60%	100%	83%	$ 47,638,288.62
ZAG	Zuleika Gold Ltd	0.013	0%	8%	-24%	-35%	0%	$ 8,902,559.12
GML	Gateway Mining	0.03	-9%	43%	25%	58%	43%	$ 12,673,429.15
SBM	St Barbara Limited	0.29	16%	26%	-38%	12%	29%	$ 297,782,743.78
SBR	Sabre Resources	0.007	17%	0%	-50%	-61%	-30%	$ 2,357,771.60
STK	Strickland Metals	0.096	5%	12%	35%	-26%	13%	$ 221,711,260.11
CEL	Challenger Gold Ltd	0.081	25%	29%	33%	9%	72%	$ 136,706,914.16
GG8	Gorilla Gold Mines	0.48	13%	20%	92%	1037%	85%	$ 300,971,198.40
NST	Northern Star	21	-5%	15%	20%	42%	36%	$ 23,813,121,690.70
OZM	Ozaurum Resources	0.115	0%	85%	219%	140%	283%	$ 24,948,206.03
TG1	Techgen Metals Ltd	0.022	-19%	-27%	-27%	-33%	-37%	$ 3,490,645.62
XAM	Xanadu Mines Ltd	0.057	-3%	8%	-22%	-17%	16%	$ 108,995,260.69
AQI	Alicanto Min Ltd	0.03	-3%	-6%	-21%	49%	-19%	$ 25,444,289.28
KTA	Krakatoa Resources	0.009	0%	0%	-10%	-18%	-5%	$ 6,201,340.25
ARN	Aldoro Resources	0.52	0%	73%	542%	643%	37%	$ 92,254,336.20
WGX	Westgold Resources.	3.05	-4%	3%	-8%	38%	8%	$ 2,810,466,876.20
MBK	Metal Bank Ltd	0.01	-17%	-44%	-44%	-49%	-33%	$ 4,974,589.98
A8G	Australasian Metals	0.07	-4%	-7%	-42%	1%	-11%	$ 4,052,280.75
TAR	Taruga Minerals	0.01	11%	25%	-9%	11%	0%	$ 7,060,267.85
DTR	Dateline Resources	0.007	17%	56%	56%	-46%	100%	$ 16,593,411.72
GOR	Gold Road Res Ltd	3.135	-3%	32%	59%	92%	53%	$ 3,411,293,048.40
S2R	S2 Resources	0.105	9%	69%	36%	-19%	57%	$ 45,285,799.30
NES	Nelson Resources.	0.003	50%	0%	20%	0%	0%	$ 4,343,855.32
TLM	Talisman Mining	0.155	3%	-6%	-37%	-34%	-24%	$ 28,248,052.35
BEZ	Besragoldinc	0.049	-2%	-9%	-40%	-46%	-46%	$ 19,943,469.65
PRU	Perseus Mining Ltd	3.325	-5%	5%	12%	53%	29%	$ 4,501,074,079.67
SPQ	Superior Resources	0.0045	0%	-25%	-31%	-55%	-25%	$ 10,669,422.26
PUR	Pursuit Minerals	0.043	0%	-43%	-71%	-83%	-55%	$ 3,789,890.59
RMS	Ramelius Resources	2.575	-9%	17%	5%	31%	24%	$ 2,908,950,238.18
PKO	Peako Limited	0.003	0%	0%	0%	-3%	0%	$ 4,463,225.88
ICG	Inca Minerals Ltd	0.005	0%	0%	0%	0%	0%	$ 6,381,950.00
A1G	African Gold Ltd.	0.12	-8%	71%	30%	291%	118%	$ 50,402,081.73
NMG	New Murchison Gold	0.018	6%	13%	100%	200%	100%	$ 167,124,451.82
GNM	Great Northern	0.015	7%	7%	0%	36%	7%	$ 2,319,436.16
KRM	Kingsrose Mining Ltd	0.033	0%	-6%	-18%	-8%	-6%	$ 24,866,375.13
BTRDA	Brightstar Resources	0.515	-6%	3%	-2%	21%	3%	$ 234,967,010.85
RRL	Regis Resources	4.61	-4%	24%	66%	120%	81%	$ 3,331,656,806.94
M24	Mamba Exploration	0.013	0%	-7%	8%	-38%	8%	$ 3,246,821.71
TRM	Truscott Mining Corp	0.06	0%	0%	-24%	-9%	-23%	$ 11,486,913.60
TNC	True North Copper	0.24	20%	-33%	-92%	-97%	-92%	$ 24,538,608.12
MOM	Moab Minerals Ltd	0.001	0%	0%	-80%	-80%	-50%	$ 1,733,666.03
KNB	Koonenberrygold	0.075	15%	108%	369%	275%	525%	$ 61,162,019.36
AWJ	Auric Mining	0.26	-9%	-5%	-35%	30%	-24%	$ 37,983,109.61
ENR	Encounter Resources	0.195	-3%	-15%	-43%	-46%	-40%	$ 99,758,463.80
SNG	Siren Gold	0.056	2%	4%	-57%	-5%	-14%	$ 12,919,265.93
STN	Saturn Metals	0.3275	17%	15%	13%	36%	60%	$ 116,059,831.20
USL	Unico Silver Limited	0.245	9%	4%	-32%	53%	26%	$ 96,347,626.10
PNM	Pacific Nickel Mines	0.024	0%	0%	0%	-33%	0%	$ 10,103,834.52
AYM	Australia United Min	0.002	0%	0%	0%	-33%	-50%	$ 3,685,154.97
HAV	Havilah Resources	0.175	-3%	-10%	-17%	-8%	-22%	$ 61,066,133.28
SPR	Spartan Resources	2.015	-8%	16%	23%	233%	43%	$ 2,537,499,854.34
PNT	Panthermetalsltd	0.013	-13%	-19%	-68%	-48%	18%	$ 3,911,759.12
MEK	Meeka Metals Limited	0.15	-9%	7%	100%	317%	95%	$ 377,215,150.50
GMD	Genesis Minerals	3.865	-12%	6%	51%	121%	56%	$ 4,417,098,574.30
PGO	Pacgold	0.061	0%	-12%	-31%	-66%	-19%	$ 8,413,077.63
FEG	Far East Gold	0.14	-13%	-7%	-26%	8%	-22%	$ 49,548,706.16
MI6	Minerals260Limited	0.13	4%	0%	-4%	-16%	0%	$ 258,416,666.63
IGO	IGO Limited	3.66	8%	-14%	-29%	-49%	-23%	$ 2,726,164,126.80
GAL	Galileo Mining Ltd	0.11	-4%	-21%	-24%	-61%	-12%	$ 21,738,741.97
RXL	Rox Resources	0.365	-13%	7%	83%	63%	83%	$ 222,470,899.61
PTN	Patronus Resources	0.069	13%	17%	8%	3%	41%	$ 101,518,663.85
CLZ	Classic Min Ltd	0.001	0%	0%	0%	-88%	0%	$ 1,544,025.56
TGM	Theta Gold Mines Ltd	0.14	-3%	-10%	-30%	-13%	-22%	$ 123,120,007.64
FAL	Falconmetalsltd	0.105	5%	-22%	-36%	-19%	-9%	$ 17,523,000.00
SPD	Southernpalladium	0.24	-24%	-42%	-56%	-52%	-60%	$ 20,918,500.00
ORN	Orion Minerals Ltd	0.013	-13%	-19%	-35%	-32%	-13%	$ 89,055,821.63
TMB	Tambourahmetals	0.026	-7%	-19%	-26%	-68%	24%	$ 3,057,341.20
TMS	Tennant Minerals Ltd	0.0075	50%	-38%	-46%	-69%	-17%	$ 7,647,123.32
AZY	Antipa Minerals Ltd	0.545	1%	24%	60%	354%	110%	$ 306,851,895.58
PXX	Polarx Limited	0.0075	-6%	-6%	-12%	-42%	15%	$ 17,816,257.34
TRE	Toubani Res Ltd	0.265	-9%	36%	-12%	96%	56%	$ 65,253,588.32
AUN	Aurumin	0.061	9%	-5%	13%	36%	-8%	$ 30,149,868.78
GPR	Geopacific Resources	0.024	14%	4%	-10%	-8%	20%	$ 76,379,167.82
FXG	Felix Gold Limited	0.175	-10%	6%	80%	154%	108%	$ 54,269,553.69
ILT	Iltani Resources Lim	0.25	14%	11%	2%	43%	22%	$ 10,426,396.81
BRX	Belararoxlimited	0.135	-4%	4%	-47%	-39%	-23%	$ 19,565,294.25
TM1	Terra Metals Limited	0.029	0%	45%	-28%	-47%	4%	$ 11,821,416.80
TOR	Torque Met	0.095	-2%	-5%	16%	-32%	79%	$ 25,618,072.97
ARD	Argent Minerals	0.023	0%	-4%	-21%	21%	35%	$ 30,358,450.08
LM1	Leeuwin Metals Ltd	0.175	-10%	67%	140%	169%	25%	$ 17,641,117.20
SX2	Southgold Consol	5.76	3%	33%	0%	0%	0%	$ 656,741,778.04

Redstone Resources (ASX:RDS) 

Coming off a spectacularly low base, Redstone emerged from its slumber with news it had resumed diamond drilling at the Tollu copper project over in WA's remote West Musgrave region.

The district has lost some shine since BHP decided to place its nearby Nebo-Babel development, a $1.7bn initiative, on ice due to low nickel prices.

RDS has exploration incentive scheme co-funding from the WA Government up to $220,000 to drill a single 1200m diamond hole at Tollu, where high-grade copper has already been struck in results stretching down to around 400m below the surface.

It's looking for a 'Voisey's Bay' style deposit, a reference to the rich Canadian nickel field found in the 1990s by Jean-Raymond Boulle and Robert Friedland's Diamond Fields Resources eventually sold to major Inco for C$4.3bn and still in operation under Vale today.

Advance Metals (ASX:AVM)

Advance has gambits in Mexico and Victoria, where it recently entered a binding agreement with CSE-listed Serra Energy Metals Corp to acquire 80% of the Myrtleford and Beaufort projects.

That delivered some impressive results from maiden drilling last week, with grades ranging up to 446g/t gold.

A diamond hole labelled AMD003 returned an intersection of 7.5m at 47.9g/t, following a hit from the company's first hole at Myrtleford of 8.2m at 22.4g/t.

“Once again we are seeing fantastic results returned from the Happy Valley Prospect at Myrtleford. In combination with previous drilling and the recent result from AMD001, we have now defined a coherent ultra-high grade zone with potential extensions in multiple directions," AVM MD Adam McKinnon said.

"Hole AMD003, in particular, is now one of the best holes ever drilled at Myrtleford with three separate high grade zones and individual gold assays up 446g/t.”

Advance is one of a host of companies looking to make new gold discoveries in the revived Victorian Goldfields.

Originally published as Gold Digger: Commbank says gold could hit US$3750/oz even after mid-week stumble